RESULT OF THE SALE BY AUCTION OF £2000 MILLION OF 1¾% TREASURY
GILT 2057

The United Kingdom Debt Management Office ("DMO") announces that
the auction of £2,000 million of 1¾% Treasury Gilt 2057 (ISIN
Code: GB00BD0XH204) has been allocated as follows:

(Note: all prices in this notice are quoted in pounds and pence)

1.

All bids which have been accepted at the lowest accepted price have
been allotted 59.6203% of the amount bid for.

Competitive bids made at prices above the lowest accepted price have
been allotted in full. Competitive bids made at prices below the
lowest accepted price have been rejected.

Price

Yield

2.

The range of bids accepted was as follows:

Highest Accepted

£104.450

1.596%

Non-competitive allotment price

(i.e. the rounded average accepted price)

£104.334

1.600%

Lowest Accepted

£104.270

1.602%

Tail in basis points

0.2*

3.

The total amounts allotted and bids received were as follows:

Amount allotted to competitive bids

£1,699.987 million

Amount allotted to non-competitive bids

Gilt-edged market makers

£300.000 million

Others

£0.013 million

Total

£2,000.000 million

Total bids received

£3,479.012 million

Times covered

1.74 times

4.

An additional amount of the Stock totalling up to £300.000 million
will be made available to successful bidders for purchase at the
non-competitive allotment price, in accordance with the terms of the
Information Memorandum.

5.

Cheques may be presented for payment. Refund cheques, where
appropriate, will be sent as soon as possible by post. Stock
allotted to members of CREST will be credited to their accounts by
member-to-member deliveries on the relevant settlement date if they
so requested.

*Tail is calculated as the yield at the lowest accepted price less
the yield at the average accepted price

(using unrounded yields). This figure is then multiplied by 100 to
convert it into basis points.